The Irrelevant Investor

JANUARY 3, 2018

There is so much amazing information out there that it's just impossible to read it all. So every time J.P. Morgan updates their Guide to the Markets, I skim the first 20 or so and then give up. But this year I went through all of them and picked out my favorite slides, for your viewing pleasure. 1. It's pretty wild that the CAPE has averaged 26.4 (long-term average 16) for the last 25 years, especially when you consider that we had two 50% crashes.

Asset Allocation 52

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Brown Advisory

DECEMBER 31, 2017

Global Leaders Investment Letter - Q4 2017 ajackson Sun, 12/31/2017 - 09:50 Global Leaders Strategy Investment Letter - Q4 2017 In this letter the team discuss the folly of big picture forecasting. They also discuss leverage as the market continues to rise, in addition to a discussion of the EBITDA-to-net-debt ratio. Download the Letter Past performance is not a guarantee of future performance and you may not get back the amount invested.

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The Irrelevant Investor

DECEMBER 31, 2017

Articles Twitter, Snap, Buzzfeed, and Pinterest are acquired. By Scott Galloway Google revenue between 2004 and 2016 has increased from $3.2 billion to $89.5 billion, while print newspaper advertising fell over the same period from $44.4 billion to $12.9 billion By David Dayen Why do we worry about money even though we’re doing everything right? By Alistair Clark Heuristics have the benefit of saving us time, but also introduce bias.

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Brown Advisory

DECEMBER 31, 2017

Global Leaders Investment Letter - Q4 2017. ajackson. Sun, 12/31/2017 - 09:50. Global Leaders Strategy Investment Letter - Q4 2017. In this letter the team discuss the folly of big picture forecasting. They also discuss leverage as the market continues to rise, in addition to a discussion of the EBITDA-to-net-debt ratio. . . Download the Letter. . .

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The Irrelevant Investor

JANUARY 1, 2018

The biggest public pension in the United States has just 68% of the assets it needs to pay for future benefits. At some point in the not too distant future, the rubber will meet the road. The Wall Street Journal reports that Calpers, which currently has $341.5 billion in assets, has a target allocation of 50% to stocks and 28% to bonds, leaving the remaining 22% invested in things like real estate, private equity and other alternative investments.

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The Irrelevant Investor

JANUARY 3, 2018

Ben's evolution on asset allocation A perfect visual for why markets trend. Jason Zweig on 1974 versus 1999 The worst bear market that nobody talks about Hedge Funds: Myths and Pendulums Myth Busting: Hedge Funds Are Dead Have stock investors become smarter? Bonds or bond funds? (Vanguard) Misconceptions About Individual Bonds vs. Bond Funds [link] The Prize, by Daniel Yergin Thanks for listening!

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